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USDJPY BINARY PUT OPTION – JANUARY 8TH 2015

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By: Adam Stone
January 8th, 2015 7:27am GMT, London UKjan8_2015_support

Price action is now trading just above the descending resistance level of its bearish price channel inside its horizontal resistance level. The USDJPY is expected to reverse from current levels and trade back down to its descending support level. Binary options traders can benefit from the anticipated reversal with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 119.800 for a risk/reward ratio of 1.0/4.00.

jan8_2015_support

The USDJPY did enjoy a trading environment with deflated volatility which resulted from the strong move to the upside. As long as price action will remain inside its bearish price channel volatility is expected to remain contained. An increase in volatility is expected as the USDJPY is approaching its descending resistance level from where buyers may attempt a breakout in order to challenge its most recent intra-day high. Sellers are favored to take the descending resistance level together with its horizontal resistance level as a platform to reverse price action.

The first support level awaits the USDJPY at its intra-day low of 118.050 which was reached on January 6th 2015. This level marked the low from its false breakdown from where the USDJPY resumed its uptrend. A breakdown below this level will take the USDJPY to its intra-day low of 117.437 which was reached on December 11th 2014. The final support level is located at its intra-day low of 115.561 which was recorded on December 16th 2014 from where a double bottom formation may form.

The following economic data out of the United States is expected to impact the base currency, the US Dollar, of the USDJPY currency pair:

Continuing Claims for the week of December 27th 2014:

• Expectations: A level of 2,360,000 is expected for the week of December 27th 2014
• Previous Report’s Data: A level of 2,353,000 was reported in the week of December 20th 2014
• Impact on the US Dollar: The anticipated increase in continuing claims may suffice to apply downward pressure on the US Dollar; this favors binary put options in the USDJPY currency pair

In addition the following economic report out of Japan already impacted the quote currency, the Japanese Yen, of the USDJPY currency pair:

Foreign Bond/Equity Transactions for the week of December 30th 2014:

• Expectations: Foreign bond purchases worth ¥96.3 billion, foreign equity purchases worth ¥217.1 billion
• Previous Report’s Data: Foreign bond sales worth ¥121.1 billion were reported for the week ending December 23rd 2014, foreign equity purchases worth ¥237.5 billion
• Released Data: Foreign bond purchases worth ¥19.7 billion, foreign equity purchases worth ¥163.7 billion
• Impact on the Japanese Yen: The released data on Japanese foreign bond/equity transactions is expected to be overshadowed by data out of the United States which favors binary put options in the USDJPY currency pair

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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